For SMEs like us, the reduction in corporation tax from 21 per cent to 20 per cent can only be a good thing.

Additionally for smaller companies looking to expand, the reduction in timescales in obtaining finance to 20 days through the EFG Scheme will allow them access to much needed funds, not readily available through traditional routes.

Another good option is the Growth Capital Fund for provision of equity capital.

Maybe Ed Monaghan, chief executive officer, Mactaggart & Mickel Group

The Chancellor said business was looking for certainty. Of course the reduction of corporation tax is welcomed and the rise of CGT to only 28 per cent is a relief given the prior warning that a hike of 40 per cent was a real possibility.

His prediction that the economy will grow by 1.2 per cent this year and thus avoid the dreaded double-dip will be the true test of whether the Chancellor has given us this long-needed certainty.

This budget delivers the decisive fiscal actions the UK needs. Overall, the business community should feel reasonably positive. There's a planned reduction in corporation tax and entrepreneurs will be encouraged by the increase in lifetime relief.

From a property perspective, the increase in capital gains tax is lower than expected and there are no significant charges to stamp duty land tax and capital allowances. More latitude for real estate investment trusts to distribute dividends should also be helpful.

Maybe Gordon Stove, managing director, Predrilling Virtual Logging

From a business point of view, my immediate reaction to the emergency budget is one of ambivalence.

The reduction in corporate tax rates is obviously welcomed, but I would prefer to have seen larger cuts in capital gains tax to incentivise greater entrepreneurship for employees and business owners.

The increase in VAT from the start of next year is completely unfair for businesses buying and selling within the UK and EU.

No Gareth Williams, chief executive, Skyscanner

From our perspective, the failure of the Budget statement to address the proposed reforms to air passenger duty - replacing it with a per-plane levy - in any great detail was a disappointment. Greater clarity is desperately required with regard to the timeline and cost of any alterations to airline tax. It is impossible at the moment for either consumers or airlines to prepare for the potential impact this may have on future travel plans.

Yes Ronnie Brown, partner, Biggart Baillie

The Emergency Budget offers some optimism for most businesses. An increasingly competitive corporate tax rate should make the UK attractive for investment. The increase in VAT from January may actually give a short-term boost to the retail sector. The increase in entrepreneur's relief will mitigate the higher CGT rate.

However, the reductions in capital allowances, the failure to reverse national insurance and the massive cuts in public spending mean few will remain unscathed.

Maybe Donald Kerr, commercial banking director, Bank of Scotland

The competitiveness of UK plc will be boosted by reducing corporation tax while also simplifying it in the future. The national insurance holiday helps regional businesses with recruitment and entrepreneur's relief sends a strong message that wealth creation will be supported.

The business sector has been recognised as key to the recovery with moderate but worthwhile reductions in corporation tax.

My industry, which is critical to the Scottish economy, welcomes the freeze on alcohol duties and the promise to review the current duty regime which discriminates against Scotch whisky by taxing beer, wine and cider at lower duty rates.

Greater simplicity and transparency in future tax legislation would be helpful - initial signs are this Chancellor agrees!

No Veronica Donnelly, VAT partner, Campbell Dallas

There will be the short term benefit of additional sales of goods and services pre-January 4 to try to beat the rise in the VAT rate. However some businesses are looking to the public sector to generate contracts to see them through recession. But VAT is largely a cost to public sector bodies, which at a time of budget cuts are now going to have to stretch funds even further to deliver services.

Maybe Robert Graham, managing director, Graham's the Family Dairy

Only time will tell but this is an important step towards the long haul back to economic health. It would have been fairer to have gone back to taper relief rather than increasing capital gains tax. The increase in VAT may suppress customer spending.

Fortunately demand for milk is on the increase and Graham's products are an everyday part of the food basket. We'll continue to run our business in a prudent manner like we have done for 71 years.

Yes David Ramsden, restaurateur, The Dogs

It's good news for the hospitality sector that the new government is reversing the plan to increase the duty on cider by 10 per cent above inflation. Taxing cider to the hilt was a ridiculous idea.

As a British restaurant focusing on the best of British food and drink and value for money prices, we want to be able to include cider. But due to the price rises over the last few months, we've had to de-list it for the moment.

Maybe Stuart Patrick, chief executive, Glasgow Chamber of Commerce

A number of the headline measures will secure welcome responses from the business community, including the reduction in corporation tax and broad commitment to infrastructure spending. But there are definite concerns in retail, tourism and other consumer-facing sectors about the implications of the VAT rise, tempered only slightly by the delay until January.

We are once more in the hands of the economists on whether faster deficit reduction will work and avoid stifling growth.